Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>KTX expects the MPC to maintain the policy interest rate at 2.50% throughout the rest of this year based on the latest resolution of the MPC, with support increasing from 5 to 6 votes to maintain the current rate.</li><li>This interest rate level aligns with the overall economic conditions.</li><li>The Thai economy has shown signs of improvement, particularly in terms of state investment and private consumption.</li></ul>

KTX expects the MPC to maintain the policy interest rate at 2.50% throughout the rest of this year based on the latest resolution of the MPC, with support increasing from 5 to 6 votes to maintain the current rate.This interest rate level aligns with the overall economic conditions.The Thai economy has shown signs of improvement, particularly in terms of state investment and private consumption.

Economic Update: MPC Voted 6:1 to Maintain Rates at 2.50%

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380/1,372 points.</li><li>The index may rebound to 1,416/1,438 points again after it was able to reverse and breach the resistance at 1,390 points, forming a higher high and higher low pattern.</li><li>There is risk of the index returning to a downward direction again if it closes below the key support at 1,380 points.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380/1,372 points.The index may rebound to 1,416/1,438 points again after it was able to reverse and breach the resistance at 1,390 points, forming a higher high and higher low pattern.There is risk of the index returning to a downward direction again if it closes below the key support at 1,380 points.

Wait for Thailand’s 4Q23 GDP (Monday Morning) And U. Of Michigan Survey in US Tonight

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>Maintain BUY for TTB with a target price of Bt1.60. TTB reported strong 3Q22 results with a 58% YoY rise (+8% QoQ) and 15% higher than expected.</li>
<li>Analyst meeting The bank would gain benefits from the interest rate upcycle. Its net interest margin (NIM) was likely to further expand</li>
<li>Despite potential benefits from the rate hikes,the bank was worried that some customers might have difficulties repaying debts.The bank would normalize to pay the FIDF fees of 46bp in 2023 </li>
</ul>


Maintain BUY for TTB with a target price of Bt1.60. TTB reported strong 3Q22 results with a 58% YoY rise (+8% QoQ) and 15% higher than expected.
Analyst meeting The bank would gain benefits from the interest rate upcycle. Its net interest margin (NIM) was likely to further expand
Despite potential benefits from the rate hikes,the bank was worried that some customers might have difficulties repaying debts.The bank would normalize to pay the FIDF fees of 46bp in 2023 


<ul>
<li>Maintain BUY for TTB with a target price of Bt1.60. TTB reported strong 2Q22 results with a 36% YoY rise (+8% QoQ) and 20% higher than expected.Asset quality was resilient </li>
<li>2Q22 results TTB’s net profit came in at Bt3.4bn in 2Q22, up 36% YoY (+8% QoQ), which was 20% higher than expected on lower provisions. Despite lackluster net interest income</li>
<li>Loans turned into a positive growth of 1.9% QoQ in 2Q22 (1Q22: -0.5%) given elevated demand from corporate and retail loans (auto HP and mortgage lending). Asset quality improved.</li>
</ul>


Maintain BUY for TTB with a target price of Bt1.60. TTB reported strong 2Q22 results with a 36% YoY rise (+8% QoQ) and 20% higher than expected.Asset quality was resilient 
2Q22 results TTB’s net profit came in at Bt3.4bn in 2Q22, up 36% YoY (+8% QoQ), which was 20% higher than expected on lower provisions. Despite lackluster net interest income
Loans turned into a positive growth of 1.9% QoQ in 2Q22 (1Q22: -0.5%) given elevated demand from corporate and retail loans (auto HP and mortgage lending). Asset quality improved.


<ul>
<li>We reiterate our BUY rating with a target price of Bt1.60. Our BUY call reflects (1) steady growth ahead; (2) adequate reserves against new NPLs, and (3) compelling valuation.</li>
<li>Net profit in 1Q22 came in at Bt3.2bn (+15% YoY, +14% QoQ) and was 13% higher than our expectation on lower-than-expected personal expenses.</li>
<li>Asset quality was resilient. The NPL ratio decreased to 2.7% in 1Q22 and the loan loss coverage ratio was higher to 131.6% to cope with uncertainties ahead</li>
</ul>


We reiterate our BUY rating with a target price of Bt1.60. Our BUY call reflects (1) steady growth ahead; (2) adequate reserves against new NPLs, and (3) compelling valuation.
Net profit in 1Q22 came in at Bt3.2bn (+15% YoY, +14% QoQ) and was 13% higher than our expectation on lower-than-expected personal expenses.
Asset quality was resilient. The NPL ratio decreased to 2.7% in 1Q22 and the loan loss coverage ratio was higher to 131.6% to cope with uncertainties ahead


Thailand

TMBThanachart Bank Public Company Limited provides a full range of banking and financial services. The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services to its customers throughout Thailand.  It also has branches in Hong Kong, Laos, and Cayman Island.

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TMBThanachart Bank (TTB TB)

Economic Update: MPC Voted 6:1 to Maintain Rates at 2.50%

This interest rate level aligns with the overall economic conditions. The Thai economy has shown signs of improvement, particularly in terms of...

Krungthai XSpring

Wait for Thailand’s 4Q23 GDP (Monday Morning) And U. Of Michigan Survey in US Tonight

Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380...

Krungthai XSpring

TTB : Focus on Quality of Growth

Maintain BUY for TTB with a target price of Bt1.60. TTB reported strong 3Q22 results with a 58% YoY rise (+8% QoQ) and 15% higher than expected. To...

Pi Securities PCL, Thailand

TTB : Time to Start an Engine

Maintain BUY for TTB with a target price of Bt1.60. TTB reported strong 2Q22 results with a 36% YoY rise (+8% QoQ) and 20% higher than expected....

Pi Securities PCL, Thailand

TTB: So Far so Good

We reiterate our BUY rating with a target price of Bt1.60. Our BUY call reflects (1) steady growth ahead; (2) adequate reserves against new NPLs,...

Pi Securities PCL, Thailand

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